Closing my website

Discussion in 'Ecommerce Forum' started by Scottishgifts4u, Jul 23, 2019.

  1. Scottishgifts4u

    Scottishgifts4u UKBF Newcomer Free Member

    27 11
    I’ve had a website running since 2003 just as a hobby. It makes a profit but to be honest we’ve just let it drift along.

    I’m now retiring from my full time job and considering getting rid of the online business as well.

    I’ve got a few thousand pounds worth of stock so what is the best way to run it down?

    Try to get someone to take it over ( and how would I even go about that) or just have a massive sale and keep reducing prices till most of it has gone?

    Or is there another better way?
     
    Posted: Jul 23, 2019 By: Scottishgifts4u Member since: Jul 6, 2017
    #1
  2. Darren_Ssc

    Darren_Ssc UKBF Regular Free Member

    467 97
    If you have proof of earnings and web traffic you could probably sell as a going concern on flippa, provided you are realistic about valuation (1 year's net income at the very best).

    I know flippa is a terrible place to buy websites (before anyone jumps in) but sites like yours do tend to sell and (no offence) often for far more than they are actually worth. I have sold sites on flippa in the past and you can get lucky sometimes because if someone decides they want the site then all logic goes out of the window.

    The only problem you'll have is having to deal with a lot of time wasters and idiots. Then, assuming you sell, a lot of handholding and instructions to the buyer who will likely not have a clue what they are doing. This can go on for months.

    However, it's worth a shot since, realistically, you're only other option is to run down the stock over a period of time and sell the remainder as a job lot on ebay? The site on its own isn't worth anything really since there is no content as such other than product listings.
     
    Posted: Jul 23, 2019 By: Darren_Ssc Member since: Mar 1, 2019
    #2
  3. Clinton

    Clinton UKBF Big Shot Free Member

    4,646 1,802
    Unless there are substantial other assets your best bet is to sell the stock.

    I don't encourage people to use Flippa, it's one dodgy place!

    If you have other assets, a premium domain name, a high traffic website, a large and responsive mailing list etc., then it may be worth trying to sell as a going concern.
     
    Posted: Jul 23, 2019 By: Clinton Member since: Jan 17, 2010
    #3
  4. antropy

    antropy OpenCart Experts Full Member - Verified Business

    3,482 592
    Best just to sell the stock and then close the website once this is done. Alex
     
    Posted: Jul 23, 2019 By: antropy Member since: Aug 2, 2010
    #4
  5. Tin

    Tin Just an SEO Staff Member

    5,864 1,609
    How about running a couple of market stalls in a local town? It might be a quick, simple way of getting rid of your products then close the site down as Alex has suggested. Ebay is another option but depending on what you're selling it can take a while to shift your stock. If you've got decent, regular traffic to your website then hold a 'Gigantic Once Only Sale'.
     
    Posted: Jul 23, 2019 By: Tin Member since: Nov 14, 2005
    #5
  6. Charles Rice

    Charles Rice UKBF Contributor Free Member

    34 6
    Sell them! Post Ads on other legitimate social media sites as well, apart from the forum. You will get the best price for them.
     
    Posted: Jul 23, 2019 By: Charles Rice Member since: Apr 19, 2019
    #6
  7. HostOX

    HostOX UKBF Contributor Free Member

    75 3
    I would be interested as I am working on a new ecommerce site, but taking over a running one with stock sounds good.

    Send me some figures?
     
    Posted: Jul 23, 2019 By: HostOX Member since: Aug 26, 2017
    #7
  8. Ally Maxwell

    Ally Maxwell UKBF Regular Free Member

    326 100
    I might possibly be interested in your stock if you can show me what you've got.
     
    Posted: Jul 23, 2019 By: Ally Maxwell Member since: Nov 6, 2015
    #8
  9. antropy

    antropy OpenCart Experts Full Member - Verified Business

    3,482 592
    Looking at the OP's site I think a mixture of market selling, car boot sales, ebay, amazon and a 'all stock must go' sale should all cumulate into your stock being all sold. Alex
     
    Posted: Jul 24, 2019 By: antropy Member since: Aug 2, 2010
    #9
  10. Alan

    Alan UKBF Legend Full Member - Verified Business

    6,364 1,754
    I have been through a similar process, and after failing to attract any interest I sold the stock, first at discount on the website, then on ebay ( creating bulk packs for the cheaper items ), and then I started listing on facebook market place and got lucky and found someone that would buy the residual stock ( the non moving by definition ) at 50% of trade price. I still have the website and domain name - maybe I'll sell it one day, but it owes me nothing.
     
    Posted: Jul 24, 2019 By: Alan Member since: Aug 16, 2011
    #10
  11. serendipitybusiness

    serendipitybusiness UKBF Enthusiast Free Member

    984 175
    Depending on what it is, I may be interested too if you want to PM me the link.
     
    Posted: Jul 26, 2019 By: serendipitybusiness Member since: Jun 27, 2008
    #11
  12. crackerjackcommerce

    crackerjackcommerce UKBF Contributor Free Member

    81 6
    How would you price the online business?

    Domain name value?
    Established indexing in the SERP's.?
    IPO registered brand name?
    Mailing list?
    Established ebay/Amazon account?
    Stock value (20% of your original cost price)?
    Contracts/ agreements with suppliers?

    I would be interested to know how it gets valued.

    I agree, in theory this could be a better option.

    ---

    Is this a common valuation/ ball park figure?
     
    Posted: Aug 6, 2019 By: crackerjackcommerce Member since: Aug 1, 2019
    #12
  13. Clinton

    Clinton UKBF Big Shot Free Member

    4,646 1,802
    Why? Just idle curiosity?

    Any valuation applied to his business is unique to his business and to the buyer who's doing the valuation, it provides no guide to the value of your website or any other.

    So why are you interested in knowing how it was valued (especially as that will involve sharing with you a lot of confidential information on net asset values, working capital etc etc)?

    Over the last 20 years I've written tens of thousands of words on valuation and I've advised in literally thousands of cases.

    And it still bugs me when people talk about common valuation formulae, or ballparks.

    Neither one exists. There is no "common" way to value a small business. There is no "ball park". One business may sell for 50x earnings, another might struggle to sell for even 1x earnings.

    So, there you go. If you want an easy valuation formula take the average of 50 and 1! Sorted?
     
    Posted: Aug 6, 2019 By: Clinton Member since: Jan 17, 2010
    #13
  14. crackerjackcommerce

    crackerjackcommerce UKBF Contributor Free Member

    81 6
    Yes, just making conversation and would be interested to know what aspects are considered and ranked important. I listed a few of my thoughts above on what I think might be contributing factors to the valuation. Just my humble opinion.

    I do not expect any confidential data to be put on the forum, I was just trying to contribute to the post and out of my own curiosity.

    My intention was to contribute to the discussion on the forum and for me to learn some knowledge. I will read your blog for further info.
     
    Posted: Aug 6, 2019 By: crackerjackcommerce Member since: Aug 1, 2019
    #14
  15. netweavers

    netweavers UKBF Newcomer Free Member

    2 0
    If it's profitable then sell as a going concern - website and stock together as a pre-packaged business ready for someone else to take over and potentially take to the next level.

    Talk of selling your stock and closing the website is nonsense if you have a even semi-profitable business. There's always a buyer, perhaps even as a part-time concern for someone.

    If you do decide to sell, I too, would be interested in seeing what you've got to offer,
     
    Posted: Aug 15, 2019 By: netweavers Member since: Nov 12, 2010
    #15
  16. philipking2019

    philipking2019 UKBF Newcomer Free Member

    17 2
    Although I do not know the website or the data on your website, I think it has a long history and can give make extra profit. You do not need much time to operate it as the beginning. You can keep it. Then, you can sell your stock step by step.
     
    Posted: Aug 26, 2019 By: philipking2019 Member since: Jul 4, 2019
    #16
  17. NathanGrieve

    NathanGrieve UKBF Contributor Free Member

    31 5
    Flippa and empire flippers are great places to sell. Would recommend those for an easy sale!
     
    Posted: Sep 17, 2019 By: NathanGrieve Member since: Sep 17, 2019
    #17
  18. Scottishgifts4u

    Scottishgifts4u UKBF Newcomer Free Member

    27 11
    Well it's gone!! (or at least the stock's gone, we still have the domains)

    We started with a 40% off sale which at this time of year proved very popular.

    Then we had a real stroke of luck when a local high street gift shop offered us what was basically a pasting table in the window of her shop to run our retirement sale in conjunction with hers.

    After a few weeks she realised that our stock was better quality/selling better than hers so she bought the lot off of us. :)

    Right place...right time but maybe an option for anyone else doing the same.
     
    Posted: Dec 22, 2019 By: Scottishgifts4u Member since: Jul 6, 2017
    #18
  19. Tin

    Tin Just an SEO Staff Member

    5,864 1,609
    Good on you, well done and glad it worked out. :)
     
    Posted: Dec 22, 2019 By: Tin Member since: Nov 14, 2005
    #19
  20. dotcomdude

    dotcomdude UKBF Regular Full Member

    302 40
    A few people I know are always looking for something to start online, so if you want to try and sell the website and domain names - send me more info and I'll see if I can get one of them interested.
     
    Posted: Dec 24, 2019 By: dotcomdude Member since: Jul 27, 2018
    #20